VeChain joins with Grant Thornton Blockchain Cyprus to implement exceptional blockchain solutions.
Who are VeChain?
Established in 2015, VeChain is a prominent business blockchain platform that attempts to apply blockchain technology to the real world. Companies receive fitting blockchain solutions for their business requirements and a dependable and decentralised business ecosystem platform that creates business value.
VeChain manages the supply chain and product lifecycle, aiming to streamline processes and information flow by removing intermediaries through using Distributed Ledger Technology (DLT).
There are two tokens associated with VeChain, VET which carries the value from smart contracts on its blockchain, and VTHO (VeChainThorEnergy) is the fuel that powers transactions.
VeChainThor’s agreement protocol is ‘Proof of Authority’, and distribution of votes is dependant on VET holdings and disclosures. VET holders with KYC (know Your Customer – a process of identity verification and identification) with one million tokens are accountable for 30% of all votes, whilst those without KYC only receive 20% of votes.
Another type of VeChain masternode is economic masternodes, these do not create blocks or ledger records, but check power by allocating votes to each economic masternode based on their VET holdings. Ten thousand VET held by an economic masternode receives one vote.
The company has entered into collaborations with many leading companies from diverse industrial sectors, and the latest is Grant Thornton Cyprus.
VeChain To Partner Grant Thornton Cyprus
VeChain is to join accounting and consulting titan Grant Thornton Cyprus to deliver advanced distributed ledger technology solutions to a broad assortment of industries. The partnership will provide clients of Grant Thornton Cyprus to utilise VeChain’s blockchain-based platform.
“The pandemic has been an imminent restructuring of the global economic order, which emphasizes the urgency of accelerating digitalization which enhances the need for digital solutions in the post-pandemic.”Sunny Lu, co-founder and chief executive of VeChain
The world struggles with supply chains during this pandemic; therefore, the value of collaboration between companies like these becomes apparent.
VeChain will be working with the distributed ledger technology department to bring its blockchain services to Grant Thornton Cyprus’s local and international clients.
The objective of this partnership is to package and utilise VeChain’s advanced blockchain solutions for different industrial sectors within the Grant Thornton customer network. The potential customers are leaders in their particular industries, which include the automotive, pharmaceutical, logistics and food industries.
“With the entry into force of blockchain technology legislation in Cyprus imminent, Grant Thornton Cyprus is investing in partnerships with industry leaders to meet the needs of its customer base and others of local and foreign companies. The extensive range of applications that VeChain ToolChain TM offers will help us address these needs as effectively and efficiently as possible. “Alexis Nicolaou , Director of Distributed Ledger Technology at Grant Thornton Cyprus said:
Who is Grant Thornton Cyprus?
The accounting firm Grant Thornton was founded in Cyprus in 1942 and became a member of Grant Thornton International in 1982. Today they are a professional assemblage of independent tax, advisory and assurance companies. The network has over 56,000 professionals spanning 140 countries.
Grant Thornton (Cyprus) customer base comprises of private corporations across a wide range of industries, government agencies as well as public and multinational corporations.
September 2018, Grant Thornton (Cyprus) extended its technology services by opening a new service area. The Distributed Ledger Technology or Blockchain department provides advisory services associated with the implementation of DLT technologies for both local and overseas companies.
Grant Thornton Cyprus shows fantastic foresight in recognising the potential of blockchain technology by establishing a department that specialises in blockchain-related issues and it’s implications within the business world.
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